The Bangko Sentral ng Pilipinas (BSP) advised the public on Friday, April 22, that the new 1000-Piso polymer banknote is only worth its face value and should not be sold, traded, or bought for any other amount.
In a statement, the BSP said the 1000-Piso polymer banknote will be circulated alongside the current 1000-Piso paper banknote and both can be used for payments and transactions.
The Office of the President and the Monetary Board approved the issuance of the new 1000-piso polymer banknote, which the BSP is releasing in phases, starting April 2022.
During the initial phase, ATMs and other cash processing machines will be calibrated to properly count and dispense the new 1000-piso polymer banknotes.
The new 1000-Piso polymer banknote strengthens the BSP’s efforts to respond to pressing public health and safety concerns due to the COVID-19 pandemic, promote environmental sustainability, and deter counterfeiting. (BSP)
– ag
